We're all waiting for the influx of new users in the crypto industry, thinking that every major bull market is driven by a wave of newcomers entering the space. But in reality, as the fundamentals of the industry shift during this cycle (like tokenization of U.S. stocks and the increasing presence of institutions), the composition of participants entering the market might be very different from what we expect. These participants might not be like us back then, chasing 100x or 1000x coins. Instead, they could be users seeking cross-sector opportunities, cross-liquidity strategies, and more stable allocations. If that's the case, then the rhythm of this cycle will differ significantly from previous ones. There's no need to anxiously wait for so-called new users. Instead, we should focus on refining our own logic and investment strategies within this new fundamental landscape. To put it bluntly, it's about replacing the old 'bag-holder mentality' with a 'trading mindset.'